SEC Hires, Exchange Rumors, and Bitcoin Price Woes: This Week in Crypto
Bitcoin is down 11% this week – The priced surged to $7,200 early on Sunday and increased to $7,300, then $7,400, even as other cryptocurrencies fell precipitously. The price then fell from $7,400 to $6,950 in less than 30 minutes on Wednesday marking a 2% price drop. The price then quickly dropped to $6,400 as the bulls panicked and has stabilized at $6,400. Ethereum is down 31% this week, putting it at a 12-month low. Ethereum suffered some hard losses even as Bitcoin was rising early this week. The coin then dropped with Bitcoin and is now sitting just below the $200 support level. Many are still blaming these drops on ICO sell offs. Vitalik has said that the days of 100x growth are gone. The entire coin market cap is down 17% this week following drops across the board. Most of the price drops occurred very early in the week as Ethereum, Ripple, Bitcoin Cash, Litecoin, and EOS fell between 1 and 4% as Bitcoin increased, but then declined much faster as Bitcoin turned south. Also occurring early in the week were WanChain, Digibyte, and Aion surging by as much as 30%. These surges helped keep losses to only $200 million, even as the coin market cap fell below the $200 billion mark.